Freeport Announces License Renewal for Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects
Freeport Announces License Renewal for
Yandera Copper Project, One of the World’s Largest Undeveloped Copper Projects
• Papua New Guinea’s Mining Resource Authority has approved the renewal of the Yandera
Copper Project’s License EL 1335 through November 19, 2023.
• Freeport Resources is planning to commence work towards a Definitive Feasibility Study and
accelerate discussions with potential strategic partners.
• Freeport continues its firm commitment to the landowners, the communities of Yandera and the
people of Papua New Guinea.
• Demand for copper is undergoing an unprecedented structural change driven by the global
energy transition, with mined copper supply forecast to enter a deficit as early as 2025.
• Proximity to Asia, the world’s largest copper consumer, positions the Yandera Copper Project as
an attractive potential long-term source of copper supply.
Vancouver, Canada, December 11, 2023 - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH)
(“Freeport Resources ” or the “ Company”) is pleased to announce Papua New Guinea ’s Minister for
Mining, the Honorable Sir Ano Pala, has approved the renewal of the Yandera Copper Project’s Exploration
License 1335 (“EL”) through November 19, 2023, in accordance with the regulatory processes prescribed
by the Papua New Guinea (“PNG”) Mining Act.
“We are pleased to have successfully completed the exploration license renewal process and would like to
thank the Mining Advisory Council and the Government of PNG for their dedication in advancing large -
scale resource projects such as Yandera Copper,” commented Dr. Nathan Chutas, Senior Vice-President of
Operations for Freeport Resources. “The renewal Yandera Copper Project ’s Exploration License
demonstrates the commitment of the Government of PNG to build strong, working relationships with
mineral exploration and development companies such as Freeport Resources, to drive economic growth
through the responsible development of Papua New Guinea’s vast natural resources,” said Dr. Chutas, who
continued, “This is a major milestone for the Company. More than USD $200 million has been expended
on the p roject since 2005, culminating in a comprehensive 2017 Pre-Feasibility Study delineating one of
the world’s largest undeveloped copper resources. With the license renewal now in hand, we are anxious
to commence work on the Definitive Feasibility Study and accelerate ongoing discussions with potential
strategic partners for development of the mine.”
Yandera - Definitive Feasibility Study
License EL 1335 covers the 245.5 square kilometer (“km”) tenement comprising Freeport Resources ’
wholly-owned Yandera Copper Project. Approximately USD $200 million in exploration and development
expenditures have been spent on EL 1335 since 2005. Work completed and studies funded to date include
approximately 154,600 meters of exploration drilling, the vast majority of which has focused on the
Yandera Central deposit, as well as scoping studies, engineering studies, environmental studies, a Pre-
Feasibility Study*, and infrastructure-related studies.
The renewal of EL 1335, through November 19, 2023, allows Freeport Resources to commence work on a
Definitive Feasibility Study to advance the Yandera Copper Project toward a Final Investment Decision.
Concurrent with the Definitive Feasibility Study program , Freeport Resources will accelerate ongoing
discussions with key international strategic investors and prospective partners for development of the
Yandera Copper Project. Demand for copper is forecast to undergo unprecedented structural change
driven by the global energy transition with mined copper supply forecast to enter a deficit position starting
as early as 2025 (see Copper Demand Chart below). The project’s proximity to Asia, the world’s largest
consumer of copper metal, positions the Yandera Copper Project as an attractive new source of long-term
copper supply.
The Definitive Feasibility Study will build on earlier work undertaken with local and regional communities
to determine opportunities to achieve mutually beneficial partnerships and sustainable long- term social
benefits related to job creation, indigenous advancement, health and wellness, environment, educatio n
and community development. Freeport Resources is also planning a wider exploration program of
porphyry copper targets within the largely underexplored 245.5 square kilometer land package.
About the Yandera Copper Project
The Yandera Copper Project is located in the highly prolific PNG Orogenic Belt, the same geological arc as
some of the world's largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir, Wafi-
Golpu and Kainantu. Yandera is a project of strategic national interest in P NG and has the potential to
become one of the country's most significant copper mines.
The Yandera Copper Project is 95-km southwest of the capital city of Madang Province and 235-km to the
northwest of Lae which is the largest port city in PNG and an important industrial center. As one of the
largest undeveloped copper res ources* in the world, the Yandera Project has the potential to support
communities and create jobs along the Yandera Corridor. The Company anticipates the potential economic
influence of the Yandera Copper Project could span 5 provinces and create wealth for generations
including, but not limited to, strategic road and highway building, power generation and related
infrastructure.
A Pre liminary Feasibility Study titled, Independent Technical Report on the Yandera Project - Pre-
Feasibility Study*, prepared by Worley Parsons, with an effective date of November 27, 2017, estimated
a historical open-pit, measured and indicated resource of 728 million tonnes grading 0.39% copper
equivalent.
* Independent Technical Report on the Yandera Project – Pre-Feasibility Study, prepared for Era Resources Inc. and
dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the
Yandera Project, and is derived from historical estimates which the Company is not treating as current. This
information is intended to provide readers with context on historical analysis conducted on the Yandera Project,
however the Company cautions that a qualified person has not done sufficient work to classify any his torical
estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the
Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current
market.
Freeport and the Community
The landowners and communities of Yandera are stakeholders in the Yandera Project. The overwhelming
community support that the Company received at the Warden’s Hearing this past summer demonstrates
the level of commitment the people of Yandera have for the project. Freeport is also firmly committed to
advancing the project and continuing support of the community. Recently, the Company introduced a
program to assist the villagers with getting ID cards. The Company expects to introduce new initiatives
along these lines in the new year and be an active and visible presence in the Community.
Qualified Person
Dr. Nathan Chutas, PhD, CPG, Senior Vice -President of Operations for Freeport Resources, is a qualified
person for the purposes of National Instrument 43 -101. Dr. Chutas has reviewed and approved the
technical content in this announcement.
About Freeport Resources Inc.
Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the
development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New
Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering
approximately 245.5 square kilometers.
Please visit www.freeportresources.com or contact the email address below for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
T. (236) 334-1660
www.freeportresources.com
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